The S&P 500, which fell nearly 7 percent during the October plunge, made back more than half of that decline this month as of Wednesday's close. The Nasdaq 100, which lost nearly 8.7 percent last month, has gained 3.4 percent in November.

"We don't want to see new relative lows," warned Sluymer, who has 25 years of experience reading the charts. "That would be a concerning sign for us that tech is not going to be rebounding."

However, he said he doesn't see that happening. "We think from here until year end tech continues to lead."